BP to check for new Gulf leaks as shares dip

The discovery of oil seeping near the surface and a possible leak of methane gas raised fears that oil would need to be piped to the surface in order to ease pressure on the well.

The US government yesterday ordered BP to submit a plan to reopen the capped well but later gave it an extra 24 hours to step up monitoring.

The reopening of the cap would require up to three more days of oil spilling into the Gulf.

BP is hopeful the cap, which was put in place last Thursday, will remain in place while relief wells are drilled miles beneath the seabed in order to provide a permanent means of sealing and isolating the damaged well. The first of the relief wells is expected to be completed by the first half of August.

BP shares were almost five per cent lower at 388p yesterday as investors reacted to the latest developments in the crisis, which began when the Deepwater Horizon rig exploded on April 20, killing 11 workers.

Shares dipped below 300p at one stage last month – the lowest point since August 1996 – but have recovered to around 425p on signs that it is closer to blocking the well, which BP said yesterday has now cost four billion US dollars (2.6bn) in spillage and clean-up.

Retired Coast Guard Admiral Thad Allen, who is in charge of the oil clean-up, told BP yesterday that it should step up monitoring of the ocean floor.

In a letter to BP managing director Bob Dudley, he said: "When seeps are detected, you are directed to marshal resources, quickly investigate, and report findings to the government in no more than four hours.

"I direct you to provide me a written procedure for opening the choke valve as quickly as possible without damaging the well should hydrocarbon seepage near the well head be confirmed."

Meanwhile, directors at the beleaguered oil group are understood to have held discussions with its major shareholders over restructuring the company following the crisis.

Options under consideration are thought to include splitting up the group by selling off its refineries and petrol stations, scaling back its US operations and doing more engineering

in-house rather than out-sourcing it.

The restructuring will come on top of the sale of about 10 per cent of the group's assets, which will be needed to meet the cost of the oil spill.